India To Implement First Phase Of US Trade Agreement Within Days: Piyush Goyal

India will implement the first phase of its bilateral trade agreement with the United States within days.

Commerce and Industry Minister Piyush Goyal confirmed the timeline on Thursday. He said India and the US will issue a joint statement within four to five days. The statement will trigger an executive order in the United States.

Once issued, the revised tariff regime will take effect. US tariffs on Indian goods will fall to 18 per cent.

Goyal added that both sides aim to conclude a broader and legally binding agreement by mid-March. This formal pact will build on the initial tranche.

He further noted that India has already concluded eight trade agreements. The forthcoming US agreement will become the ninth.

These pacts, signed under Prime Minister Narendra Modi, support India’s modernisation agenda. They also deepen integration with global markets.

The minister reiterated that trade agreements play a central role in strengthening competitiveness. They expand export access. They also promote technology inflows and industrial upgrading.

Goyal also announced progress on another major front. India is signing the terms of reference for a free trade agreement with the Gulf Cooperation Council.

The move revives negotiations stalled for nearly two decades.

A comprehensive pact with all six GCC members would enhance policy certainty. It would attract investment flows. It would also reinforce food and energy security. These remain strategic priorities for India.

Several sectors stand to gain significantly. These include food processing, infrastructure, petrochemicals, and information and communications technology.

India’s bilateral trade with the GCC currently totals $179 billion.

Goyal described the proposed India-GCC agreement as a force multiplier for global economic cooperation.

On the India-US pact, he stressed that sensitive domestic interests remain protected.

Speaking earlier in the Lok Sabha, he said agriculture and dairy products fall outside the agreement’s scope. This safeguards farmers and food systems.

He further added that the partnership will open new avenues for MSMEs, skilled professionals, and the industry. It will also reinforce energy security for India’s 140 crore citizens.

The agreement, he said, will ease access to advanced technologies. It will advance the vision of ‘Make in India for the World’, ‘Design in India for the World’, and ‘Innovate in India for the World’.

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